Mapfre S A : (02.2022) Results presentation 4Q 2021
February 10, 2022 at 03:00 am EST
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Madrid, February 10, 2022
SPANISH SECURITIES AND EXCHANGE COMMISSION
Please find attached the documentation to be presented to investors in upcoming meetings.
Ángel L. Dávila Bermejo General Counsel
12M 2021 Results
Analyst & Investor presentation
February 10th, 2022
Key highlights >4Q 2021
COVID
IMPACTS
PREMIUM
GROWTH
PERFORMANCE
Successful adaptation of business model to new environment
Life Protection and Health claims in Latin America improved on the quarter
Change in trend in Auto with higher mobility in the quarter and still recovering from 2020 premium discounts, especially in developed markets
Improving claims trends in Homeowners
Solid underlying growth trends continue across most regions, with resilient performance in Spain, Brazil, Mexico and MAPFRE RE
No relevant NatCat losses in Q4 and stable evolution of prior quarter claims
Important contribution from investment result > active management of the investment portfolio helping offset COVID losses with realized gains
Resolution of Bankia agreement and streamlining and expense reduction leading to a more efficient operation
2
Focus on sustainable growth
Return to growth in
Strong profitability
Transformation
Sustainable value creation
main markets
for shareholders
REVENUE > €27 bn
PREMIUMS +8%
SPAIN +9%
MAPFRE RE +10%
BRAZIL +15% local currency
Stabilization main currencies
Disciplined growth while
gaining market share
Net income €765 mn
ROE 9%
Strong results at insurance
units > despite Covid Life-
Protection claims in Latam and normalization of Motor mobility
Robust profitability at
MAPFRE RE > in a high NatCat
year
Active investment portfolio
management
Continuous streamlining
business model while
leveraging diversification
Expense reduction and
leaner structure
Strong restructuring effort
in Spain and Italy
Fully focused on growing
profitably
Return to pre-Covid
dividend
€0.145 to be paid against
2021 fiscal year*
High levels of solvency and
financial flexibility
* Includes interim dividend of €0.06 paid in November and a final dividend of €0.085 proposed by the Board of Directors to be approved at AGM on March 11th
3
2019-2021Strategic Plan > meeting targets in a challenging market context
2019-21 Target Status2021 Guidance Status
>€27 bn
Total revenue
€28-€30 bn
€29.9 bn
≈€25.4 bn
>€27 bn
at constant
exchange rates
Premium growth
-
-
+3% (1)
+9% (1)
Adjusted net
-
-
≈ €700 mn
> €700 mn
income (2)
Payout
>50%
>50%
>50%
58%
ROE
8%-9%
≈ 8% (3)
≈ 8.5% (3)
9.0%
(ave. 2019-21)
7.4%
8.3% (4)
97.5%
Combined ratio
96-97%
96.6%
≈ 95%
96.1%
(ave. 2019-21)
ex-restructuring
Premiums in insurance units
Excluding capital gains and relevant NatCat events
Excluding non-operating items
Excluding net gains from BANKIA transaction, the breakdown is available on slide 17
4
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Mapfre SA published this content on 10 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2022 07:59:05 UTC.
Mapfre S.A. is an insurance group organized around three areas of activity:
- non-life insurance (63.5% of written premiums): automotive insurance (38.3% of written premiums), P&C insurance (26.7%), accident and health insurance (11.4%) and other (33.6%);
- life insurance (19.2%);
- reinsurance (17.3%).
At the end of 2021, products are marketed through a network of 15 354 branches located in Iberia (8,992), Latin America (5,914), Eurasia (420) and North America (28).
Revenues break down geographically as follows: Iberia (41.8%), Eurasia (7.4%), Brazil (18.4%), Latin America (20.9%), North America (10.9%) and other (0.6%).